Old Mutual Ltd. shares began trading on Zimbabwe’s Victoria Falls Stock Exchange (VFEX) on Wednesday, ending a six-year suspension that locked local investors out of the stock since a government ordered freeze in 2020. Unlike the older Zimbabwe Stock Exchange (ZSE), which trades mainly in local currency, the VFEX is a US dollar denominated platform designed for greater currency stability and foreign investor access.
The pan African insurer migrated its secondary listing from the ZSE to the VFEX after receiving regulatory approval. Trading started Aug. 12 with an opening price set purely by market bids and offers, without the exchange’s usual daily limits. Shares closed at about 78.17 US cents after fluctuating between roughly 75 cents and $1.20 during the session.
The move restores liquidity for thousands of Zimbabwean shareholders who have been unable to buy or sell Old Mutual stock on the local market since June 2020. That year, authorities suspended trading across the ZSE, citing concerns that dual-listed counters, including Old Mutual, were being used to calculate an implied parallel exchange rate amid currency instability. While broader ZSE trading resumed two months later, Old Mutual remained frozen.
In a July 10 announcement, Old Mutual said its board concluded the VFEX had developed “sufficient scale and liquidity” to serve as a viable alternative. The exchange’s average annual turnover per issuer rose from $300,000 in 2021 to $7 million in 2025, while the number of listed counters grew from one to 19. All trades and settlements on the VFEX occur in US dollars, reducing local currency risk compared with the ZSE.
“The Migration would restore the freedom of choice to shareholders on Old Mutual’s Zimbabwean share register,” the company said in its official statement, adding that investors can now trade, hold for dividends or participate in corporate actions.
The transfer required no pre-listing statement or shareholder vote, thanks to streamlined rules agreed between the ZSE and VFEX. Old Mutual confirmed on Aug. 4 that approvals were secured and trading would begin the following Wednesday.
The company stressed the listing change has no impact on its underlying business or Zimbabwean operations. Old Mutual, primarily listed in Johannesburg, continues to operate across 12 African markets and China.
First-day volume was modest as the market established a reference price. From the second session, normal 20% daily price limits apply. Settlement is on a T+2 basis via authorised brokers, custodians or the VFEX Direct platform.
The migration marks another high-profile shift toward Zimbabwe’s dollar-based exchange, which has attracted several domestic blue chips in recent years seeking greater currency stability and liquidity.
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